New Delhi Prime Minister Narendra Modi will hold a meeting with the country’s leading economists and experts from various fields on Friday. During this meeting, measures to promote the increase in the upcoming budget will be discussed.
It is noteworthy that the budget for FY 2021-22 is likely to be presented on February 1. Union Finance Minister Nirmala Sitharaman will present this budget at a time when there are various uncertainties on many fronts regarding Kovid-19. NITI Aayog is organizing this virtual meeting. NITI Aayog Vice Chairman Rajiv Kumar and CEO Amitabh Kant will also participate in this meeting.
A government official, on the condition of anonymity, said that the Prime Minister will meet the economists on Friday. During this time, he will take the opinion of economists about the next budget (FY 2021-22).
The meeting assumes great significance as the Reserve Bank of India (RBI) estimates that the country’s economy may see a contraction of 7.5 per cent in the current financial year ending 31 March 2021. At the same time, the International Monetary Fund (IMF) and the World Bank have forecast a fall of 10.3 percent and 9.6 percent respectively.
However, India’s economy saw better recovery than expected in the September quarter. Growth in the manufacturing sector helped the GDP contraction to settle at 7.5 per cent. On the other hand, the increase in consumer demand has created hope for the situation to improve further.
Due to this, in the last financial year i.e. 2019-20, the pace of economic growth of the country was at 4.2 percent.